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Austin/San Antonio / Account Manager / Gretchen Rossington / NMLS ID# 555982 / 512.484.1860
Dallas/Fort Worth / Senior Account Manager / Karen Drewek / NMLS ID# 1006967 / 972.786.6500
Houston / Account Manager / Mark Alan Bunting / NMLS ID# 951243 / 832.266.8290
Rates Effective April 27, 2015
TEXAS HOME IMPROVEMENT LOANS
2nd LIEN POSITION ONLY – (Stand Alone Transactions)
Rates based on Primary Wage Earner’s Mid-Credit Score
<90.00%* CLTV – 15 Yr Term
*Max CLTV = 90.00% minus $50.00
$20,000 to $75,000
<80% CLTV - 15 Yr Term
$20,000 to $100,000
750+
749-725
724-700
5.750%
6.000%
6.250%
750+
749-725
724-700
5.500%
5.750%
6.000%
Refer your Home Improvement Customers directly to Cadence Bank!
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Rate Adjustments
5-Year Term – minus .50%
10-Year Term – minus .25%
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20-Year Term – add .25%
Previous Bankruptcy – add 1.00%
Auto-Debit Program
Auto-Debit – Subtract .125% Enrollment in auto-debit program from a Cadence Bank checking or savings account is required
--to receive rate discount.
- A Cadence Bank checking or savings account can be opened up at closing, but this must be communicated to us prior to ------loan documents being finalized to be eligible for rate discount.
Closing Costs
Cadence Bank prepares Good Faith Estimate and all required disclosures
Title Fees
$119.08 (approximately)
Flood Fees
$11.00
Courtesy Closing
A Referral Source may elect to schedule a courtesy closing at a different title company and negotiate a smaller fee with
the-title company (estimated $400.00)
Recording Fees
Varies by County (estimated $100.00)
Administrative Fee
$399.00
Referral Fees
Referral Fees NOT permitted at this time. Cadence Bank does not pay compensation of any kind for referrals.
Appraisal Guidelines
Homes purchased <12-months: Sales Price or Value on Closing Statement or Copy of “as-is” Appraisal 1004 dated with-in the
last 6-months or Cadence Bank must order new “as-is” Appraisal (1004) - See add-back guidelines below.
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If an Appraisal is required, fee must be
collected in advance from borrower before
setting appointment with Appraiser.
Homes purchased >12-months: Copy of “as-is” Appraisal 1004 dated with-in last 6-months or Cadence Bank must order new
“as-is” Appraisal (1004) - See add back guidelines below.
2nd Lien Restrictions
No 2nd Lien behind a possible negative amortization Senior Lien
No Senior Lien over 30-year term
Lien Position
2nd Liens Only
Acceptable Properties
Owner-Occupied, Primary Residence Only: SFR’s, Townhomes, PUD’s
Debt to Income Ratios
43% Owner Occupied
40% Applies to Property Values greater than $750,000
Cash Reserves
3-Months PITI Liquid Reserves
Bankruptcy Guidelines
5-years from the discharge date, provided that credit has been reestablished and has been maintained perfect since
discharge date.
ADD-BACK FOR IMPROVEMENTS
Amount of Improvements
$20,000 to $75,000
$75,001 to $100,000
Certain restrictions apply. Rates, programs, guidelines subject to change without notice or at underwriter’s discretion. It is not
intended to be distributed to or used by consumers. This material is informational in nature and has been distributed to business
entities. Cadence Bank NMLS ID# 525022
Add-Back %
100%
$50,000